ICIL
Micro CapIndo Count Industries Limited
Consumer
Indo Count Industries Ltd. (ICIL) is a global home textile bed linen company, transforming into a value-added home solutions player with growing brand presence. It offers a comprehensive product portfolio including bed sheets, fashion bedding, utility bedding, and institutional bedding, with manufacturing operations in India and the USA, exporting to over 50 countries.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 27/100margin compression · Rev +3% YoY · PAT +14% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,058 Cr | +3.4% | -0.5% |
| EBITDA | ₹86 Cr | -4.4% | -5.5% |
| Operating margin | 8.0% | -100 bps | -100 bps |
| PAT | ₹24 Cr | +14.3% | +0.0% |
| PAT margin | 2.3% | +22 bps | +1 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue flat YoY, but Q4 shows sequential recovery in income and EBITDA; new businesses scale significantly, offsetting core business decline amidst US tariffs.
The company's strategic transformation into a diversified home solutions player with a focus on new businesses and brands is progressing, despite FY26 profitability being impacted by US tariffs and incubation costs. Management's FY27 targets and long-term revenue doubling goal suggest continued execution on this strategy, with a shift towards asset sweating and debt reduction.
Revenue by Business Vertical (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
New Businesses Scaling
New businesses scaled from USD 33 million in FY25 to USD 90 million in FY26, targeting USD 275 million by 2028.
Brand-led Diversification
Relaunched Wamsutta brand and signed Tommy Hilfiger for Utility Bedding, expanding licensed brand portfolio to 6 brands.
Product Portfolio Expansion
Expanded product portfolio with curtains, towels, bath rugs, blankets, and utility bedding, diversifying revenue streams.
USA Manufacturing Footprint
Commencement of greenfield manufacturing facility in North Carolina, enhancing customer proximity and supply chain responsiveness.
North Carolina Greenfield Facility
Successfully commissioned, more than doubling annual manufacturing capacity to 31 Mn pillows and 1.5 Mn quilts p.a.
Spinning Capacity Expansion
Brownfield capacity expansion of 24,000 spindles + Modernization, budgeted Rs. 85 Crs for FY27e, to be completed in next 12-18 months.
Effluent Treatment Plant (ETP) at Bhilad
Budgeted Rs. 95 Crs for FY27e.
India's Global Textile Position
India is consolidating its position in the global textile market due to strong cotton production, upgraded technology, and skilled labor pool.
Favorable Trade Agreements
Free trade agreements with Australia, New Zealand, Japan, EU, UK, and ongoing negotiation with USA are expected to create a favorable long-term environment for Indian textile exporters.
E-commerce Growth in US
USA e-commerce sales penetration reached 25.0% of total retail sales in Q4 2025, the highest since 1999.
Strong ESG Commitment
Achieved S&P Global ESG Score of 78 out of 100 for 2025, ranking in the top 3 percentile globally within the Textile, Apparel & Luxury Goods industry.
West Asia Conflict
The ongoing West Asia conflict is impacting the global economy, and its potential impact will need to be closely monitored.
US Tariff Situation
Business remained subdued and highly volatile due to evolving implications of US tariff situation, with levels moving from 10% to 25% to 50% and subsequently to 10%.
Fluctuations in Earnings
Future business prospects and profitability are subject to risks and uncertainties, and actual results could materially differ from forward-looking statements.
Competition
The company faces competition from both domestic and international players.
Government Policies and Regulations
Risks include government policies and actions, regulations, interest, and other fiscal costs generally prevailing in the economy.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is relevant for Q4 FY26 to observe sequential momentum and recovery in income and EBITDA, driven by new businesses and absorption of incubation costs. YoY comparison for FY26 is necessary to understand the full-year impact of US tariffs and initial investments on overall profitability, despite management noting Q4 YoY non-comparability due to tariff changes.
Volume (Mn Mtrs)
FY26: 94.1 Mn Mtrs (vs 106.4 Mn Mtrs in FY25); Q4 FY26: 20.5 Mn Mtrs (vs 24.8 Mn Mtrs in Q3 FY26).
Total Income (Rs. Crs)
FY26: 4,211 Crs (vs 4,191 Crs in FY25); Q4 FY26: 1,088 Crs (vs 1,074 Crs in Q3 FY26).
EBITDA Margin (%)
FY26: 11.0% (vs 13.8% in FY25); Q4 FY26: 10.7% (vs 9.5% in Q3 FY26).
New Businesses Revenue (USD Mn)
FY26: 90 Mn (vs 33 Mn in FY25).
FY27 Revenue and Margin Targets
Targeting ~30%+ revenue growth in FY27 to reach ~₹5,500 Crs revenue with ~13% EBITDA margin.
Revenue Doubling Goal
On track to double revenue by 2028 over the FY25 base, with Brands & Utility Bedding segments contributing ~$275M.
Focus on Asset Sweating
Focus will shift toward sweating assets, improving operating leverage, strengthening cash flows, and reducing debt after front-loaded investments.
Improving Earnings Quality
Improving earnings quality with higher contribution of Utility Bedding and Branded segments.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Total Income | Rs. 4,211 Crs (FY26) | ~Rs. 5,500 Crs |
| FY27 EBITDA Margin | 11.0% (FY26) | ~13% |
| New Businesses Revenue | USD 90 Mn (FY26) | Progress towards USD 275 Mn by 2028 |
| USA Utility Bedding Utilization | ~65% for existing 2 facilities | Ramp-up of North Carolina facility and overall utilization improvement |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +13.7% / mo · near 52W high
Technical chart
ICILdaily · 5Y+23.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 65. Wait for confirmation.
- SMA20 rising (~11.2% over last month) — short-term momentum positive.
- RSI(14) at 65 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 7% off 52W high · 55% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.3%.
- Cash flow contributes 7/10 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -1443.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 34th percentile of the scored universe and 34th percentile within Consumer. Main check: financial discipline is weak at 38/100.
Healthy Trust Lite: Promoter holding is 58.7%. Key concern: 5 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 34th pctile, median 67 · Micro: 19th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 58.7%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸6/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸5 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -2.2%.
- ▸Revenue CAGR is 13% but EPS CAGR is -12%.
- ▸2/8 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 52.50
- P/B
- 2.82
- EV/EBITDA
- 14.51
- Market Cap
- 6652.00Cr
Profitability
- ROE
- 5.47%
- ROCE
- 8.14%
- ROA
- 2.83%
- Dividend Y
- 0.59%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- -13.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- -23.00%
Balance Sheet
- Debt/Equity
- 0.57
- Interest Coverage
- 2.88×
- Altman Z
- 3.99
- Book Value
- 119.00
Cash Flow
- FCF Yield
- 5.35%
- FCF Positive Y
- 8/5
- OCF
- 573.00 Cr
- EPS TTM
- 6.40
Shareholding
- Promoter Hold
- 58.74%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.